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Where can I learn more about Price Action like those in James16 charts? 9 replies

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james16 Chart Thread

  • #29,681
  • May 11, 2009 4:07pm May 11, 2009 4:07pm
Quoting eswap0
A pity so many resistances below daily nzdusd, and against the trend...
For the last 14 months the trend on this pair has been bearish. Looking for a short position would be going with the trend
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  • #29,682
  • May 11, 2009 4:11pm May 11, 2009 4:11pm
Quoting Dopped Onion
For the last 14 months the trend on this pair has been bearish. Looking for a short position would be going with the trend
Well seen!
Thanks
Trading: the skill of avoiding trades
  • #29,683
  • May 11, 2009 4:18pm May 11, 2009 4:18pm
Quoting fxprocessor
Price reacted as we would reasonably expect at my main TP area.
Classic J16 PA setup from start to finish. Nice.
Indicators show the past. Price Action "Indicates" the future.
  • #29,684
  • May 11, 2009 4:19pm May 11, 2009 4:19pm
Quoting Jduester
Gotta love PA.

Josh
Price Action Rules.
Indicators show the past. Price Action "Indicates" the future.
  • #29,685
  • May 11, 2009 4:31pm May 11, 2009 4:31pm
Quoting g_j_hook@yah
jaroo thanx, this is exactly the info i was looking for,
it was a good eye opener to see your stop so far away!! i think this has been the predominent issue for me... i studied charts for a long time on the 15min tf. its not so easy watching price move 200 pips against you eh !!?? im gonna follow your example with my gb/chf trade. i now have profits banked of course and i am comfortable with the size of the possition i have running....
i tend to see floating profits as profit lost if price goes against me. i think this is probably...
I'm sure once my per pip amount changes to $150 or $200 a pip, my long term strategy will change some what. lololol.

I will look to add to a postion if a PA setup presents itself. Meaning if I take a PB and it goes to the moon then retraces and another PB shows itself in the same direction with my initial postion . . oh yeah, I'll add to it.
Indicators show the past. Price Action "Indicates" the future.
  • #29,686
  • May 11, 2009 4:40pm May 11, 2009 4:40pm
Quoting Dopped Onion
For the last 14 months the trend on this pair has been bearish. Looking for a short position would be going with the trend
You will be selling the NZD/USD right into potential support.
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  • #29,687
  • May 11, 2009 4:42pm May 11, 2009 4:42pm
Jim,

Are you as excited about the retest of 121.55 from below in the Bund as I am?

-Wiz
  • #29,688
  • May 11, 2009 4:45pm May 11, 2009 4:45pm
Quoting MinceMeat
EURAUD strong break of Pin bar. Stop at BE. Will see how this one runs.
Very nice MM. That PB/IB setup works out nicely when it breaks. The IB maybe the momentum building of the setup. The key being, it has to break first. And of course, the criteria that make up a quality PA setup has to be in place. Location, supporting confluences, etc.

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #29,689
  • May 11, 2009 4:50pm May 11, 2009 4:50pm
Quoting the_wizard
Jim,

Are you as excited about the retest of 121.55 from below in the Bund as I am?

-Wiz
Which Jim are you referring too mr. wizard?

It must be the big guy, I think.
Indicators show the past. Price Action "Indicates" the future.
  • #29,690
  • May 11, 2009 4:51pm May 11, 2009 4:51pm
I have no idea why anyone would move their stop to BE so quickly. In my opinion, this is a total reciple for disaster...but each to their own...all the best with the trade.
  • #29,691
  • May 11, 2009 4:53pm May 11, 2009 4:53pm
Hi guys. I'm ready for someone to simply tell me that there will be better trades .

I can't get my head away from this EUR/NZD PA... It's not technically an inside bar and it isn't technically a pinbar... but we've now had three distinct tests of 2.24... I'm not trading the 4 hour but you can see that we had a pinbar that would broke higher, retested the level, and held it.
I guess it comes down to trading our plan and at this early point in my development, I don't have anything that accounts for this type of setup....

Still looking at NZD/USD too... tough to go against that strong uptrend though (guess a pinbar is meant to reverse a trend though...).

BTW, EUR/AUD now at B/E.

Josh
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  • #29,692
  • May 11, 2009 4:53pm May 11, 2009 4:53pm
Quoting jarroo
Which Jim are you referring too mr. wizard?

It must be the big guy, I think.
Yes it's the big guy
  • #29,693
  • May 11, 2009 4:56pm May 11, 2009 4:56pm
What's the reason for moving to break even now on EUR/AUD? The first real resistance is around 1800?
Economists have forecast 9 out of the last 5 recessions
  • #29,694
  • Edited 4:58pm May 11, 2009 4:57pm | Edited 4:58pm
NZDUSD Pin Looks real good, close just shy below 6000? Traffic as far as I can see at the 5950++ level
 GBPJPY BEOB Might be good for quick profit? Again below is more support at 146 at Nov 08
 GBPNZD Pin Looks good and has space, but didn't really like the close, tiny compared to the bar a few days before. And from what I can see nearest minor PPZ is like 100 pips away
 AUDJPY BEOB Againts my weekly PPZ
 CADJPY BEOB 83 area is a strong PPZ IMO
 NZDJPY BEOB only 20-30 or so pips to the nearest danger area and 58.00

 IMO there's nothing really worth my risk, some might seen as stands out, but it might be because I’m very sleepy and lazy to take a trade?

Please comment as I'm a n00b and has lost sleep, not a good combination, although I'm not planning to trade because of the reasons stated above...
  • #29,695
  • May 11, 2009 4:58pm May 11, 2009 4:58pm
Quoting the_wizard
I have no idea why anyone would move their stop to BE so quickly. In my opinion, this is a total reciple for disaster...but each to their own...all the best with the trade.
It has a lot to do with your account size. Have you read Jim's latest post? Its a good one, as always.

http://www.forexfactory.com/showpost...ostcount=29519
Indicators show the past. Price Action "Indicates" the future.
  • #29,696
  • May 11, 2009 5:05pm May 11, 2009 5:05pm
Quoting jarroo
It has a lot to do with your account size. Have you read Jim's latest post? Its a good one, as always.

http://www.forexfactory.com/showpost...ostcount=29519
Great post as always.
  • #29,697
  • Edited 10:45pm May 11, 2009 5:06pm | Edited 10:45pm
Quoting the_wizard
I have no idea why anyone would move their stop to BE so quickly. In my opinion, this is a total reciple for disaster...but each to their own...all the best with the trade.
for me it's insurance because I see trouble when even a single bar low ahead of my buy order can or even will resulting in price going againts me, but yes this habit does produce more breakeven trades where price just hit your BE and went away and said a great long bye to you, I'm working on something that will make my trade still won't lose any money and leaving some running too, I understand that wizard has an approach like mike to his trades, I'd like to be like this too, but it involves a very ultra picky trade setup choices like mike did, and from what I've heard he's even more conservative than James in that matter.

But the more I went, it became clearer to me that what I want to do and what I have found good at doing are two very different things... (credit to the_wizard))

maybe wiz has another view to my opinion, I'm sorry if my writings are not understandable, I'm soo sleepy ATM.

Thanks
  • #29,698
  • May 11, 2009 5:07pm May 11, 2009 5:07pm
Quoting markmm
What's the reason for moving to break even now on EUR/AUD? The first real resistance is around 1800?
If a trade reaches the first PPZ and then falls back through my entry, I set the stop to B/E when it reaches that PPZ the second time... no sense in letting a strong PPZ reject price and give me a full loser... Once price hits my first TP, I move my stops accordingly s/t the trade overall is at worst a B/E.

(So, currently the whole trade is S/L = Entry. If price hits 1.7965 (my first TP, which is 0.5R:R, I take 1/3 off... 1/3 remains S/L = Entry. 1/3 becomes S/L = -0.5R:R... So the whole trade will become B/E if both S/L's are hit. TP2=1R:R; TP3 = 2R:R)

It's a slight complication to my strategy, but I've found it quite beneficial in my testing (although it doesn't get applied very often).
Everyone trades differently. Just trade your plan.

Josh
  • #29,699
  • May 11, 2009 5:12pm May 11, 2009 5:12pm
Quoting jarroo
It has a lot to do with your account size. Have you read Jim's latest post? Its a good one, as always.

http://www.forexfactory.com/showpost...ostcount=29519
It did had to do with account size, when I'm still training with my micro account 6 months ago, I wasn't really paying attention to the miniscule single bar lows to the left and only look for minor PPZ in my way, but after my account went up in balance where a loss of 3% could mean a month's salary here in my country, I became really picky on choosing trades and move my stop to BE at the first sign available, I'm looking forward to the day that 200 pip trade come , of course after that I'm looking forward to the day that 200 pips became 1 year salary too

my account might not be that big for the folks in US, but because the low cost of living here in Indonesia, it meant something to me IDK maybe the fear is dictating my trades now, I've read mike said that is a bad thing to make a habit of.
  • #29,700
  • May 11, 2009 5:14pm May 11, 2009 5:14pm
Quoting Jduester
If a trade reaches the first PPZ and then falls back through my entry, I set the stop to B/E when it reaches that PPZ the second time... no sense in letting a strong PPZ reject price and give me a full loser... Once price hits my first TP, I move my stops accordingly s/t the trade overall is at worst a B/E.

(So, currently the whole trade is S/L = Entry....
Hi Josh, that's what I've backtested and are planning to do in my future trades, but today I haven't seen anything worthwhile.. so...

EDIT : while I'm writing... the NZDUSD had a nice hard Jaroo Break... time to sleep for now.
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